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Bitcoin ETFs See Renewed Interest, Inflows Surpass $310M
Bitcoin spot (BTC) exchange-traded funds (ETFs) saw a significant surge on July 12, with inflows topping $310 million, the highest level since June 5.
BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC) led the inflows, bringing in $120.03 million and $115.14 million, respectively, according to information from SoSoValue. The Bitwise Bitcoin ETF (BITB) followed with $28.42 million, and the Grayscale Bitcoin Trust (GBTC) saw a rare inflow of $23.01 million.
Bitcoin Spot ETF Flows as of July 12 | Source: SoSoValue
THE Van Eck Bitcoin Trust ETF (HODL) and Invesco Galaxy Bitcoin ETF (BTCO) saw additional inflows, $6.56 million and $4.03 million, respectively. However, Hashdex, Franklin Templeton, Valkyrie, and WisdomTree ETFs saw no inflows on the same day.
The July 12 results mark the largest inflow since June 5, when the spot market Bitcoin ETFs accumulated just north of $488 million. Notably, there was no day with an outflow at that time.
Additionally, according to ETF market watcher HODL15Capital, US-based spot Bitcoin ETFs now hold their highest ever amount of BTC, at 888,607 coins.
For data from Farside Investors, the recent activity brings total inflows week-to-date to $1.04 billion. Since their launch earlier this year, spot Bitcoin ETFs have amassed nearly $16 billion in net inflows.
Notably, this count includes more than $18.6 billion that has flowed out of GBTC since it transitioned to a spot ETF 6 months ago. Interestingly, despite the outflows, the Greyscale The Bitcoin product is still the second largest ETF by net assets, with approximately $15.73 billion in Bitcoin.
News of record inflows into spot Bitcoin ETFs appears to have boosted the price of the cryptocurrency, which at the time of writing was trading at $58,543, up 2.4% from its level 24 hours ago.
However, the price surge came amid low trading volumes, with around $21.76 billion worth of Bitcoin traded over the past 24 hours, a 23.29% decline from the previous day.